Fondo de Impacto Social loans and company investment

• Purpose-led companies of any size or development stage, foundations, associations, non-governmental organizations and social-economy entities can qualify. The published programme overview requires your registered office and principal workplaces to be in Spain. Your investment must take place in Spain; where a project covers several countries, FIS financing is determined by the investment made in Spain.
• Your project must intentionally address an underserved social or environmental need, measure its results and provide a financial return at least equal to the amount FIS invested. The promoters must contribute capital and retain majority ownership or control of the entity carrying out the investment. EU national or subnational public bodies may together hold no more than 49% of the final beneficiary’s capital.
• The investing entity and/or the main guarantors must have audited financial statements for at least the latest financial year. The expression-of-interest form allows you to confirm that the receiving entity’s accounts will be audited by the time the investment is formalized.
• Financial intermediaries cannot be final beneficiaries. Your organization and its serving directors or representatives must have no final convictions or public-aid disqualifications of the types listed in the terms. You must be up to date with repayments of public support, tax and social-security obligations. Voluntary insolvency applications, declarations of insolvency, judicial intervention and unexpired insolvency disqualifications prevent eligibility. There is an exception to the insolvency-proceedings restriction where an agreement has become effective; the separate rule against current insolvency accompanied by the statutory warning signs still applies. Exposure through beneficiaries, beneficial owners or their ownership entities to non-cooperative or risk jurisdictions is assessed individually through enhanced checks.
• Comply with applicable national and EU law, including rules against money laundering, terrorism and tax offences, and the recovery facility’s requirements for beneficial-owner information and records of transactions. Your project must meet the EU “do no significant harm” principle: it must not cause significant environmental harm under the applicable technical guidance.

The exclusions depend on whether you receive a loan or company investment. The direct-financing terms give the full activity list and conditions for each exception.

For loans, fossil-fuel activities and assets are excluded, with conditional exceptions for qualifying gas-based electricity or heat and related infrastructure, and temporarily unavoidable fossil-fuel use in energy-intensive industries during their transition. Activities covered by the EU emissions trading system must have projected emissions below the relevant benchmarks; if they are not significantly below, the reasons must be explained. Listed fossil-energy and energy-intensive activities can qualify where the specific transaction meets the EU sustainable-investment taxonomy and its technical criteria. This electricity threshold also applies to geothermal plants and hydroelectric plants with large reservoirs. The listed sectors include fossil-fuel extraction, processing and distribution, electricity generation exceeding 250 grams of CO₂ equivalent per kWh, certain chemicals, plastics, cement, iron, steel and aluminium, and conventional-fuel aviation and related services.

Loans also exclude specified waste collection and treatment, nuclear-fuel processing and nuclear energy, and activities where long-term waste disposal may harm the environment. Conditional exceptions cover specified energy-efficiency, gas-capture or material-recovery work in existing waste plants and non-recyclable hazardous-waste plants, and energy-efficiency or separated biowaste recycling changes in existing mechanical-biological plants. These plant upgrades must not increase waste-processing capacity or extend plant life. Borrowers receiving more than 50% of the previous year’s revenue from producing, renting or selling polluting vehicles must be excluded or adopt and publish a green transition plan. For this rule, polluting vehicles include combustion-engine cars and light commercial vehicles. Heavy vehicles qualify only if they have zero emissions or emit less than half the CO₂ reference level for their vehicle subgroup. Electric or plug-in hybrid low-floor buses and EURO VI-E high-floor coaches are also permitted.

For equity and similar company investment, exclusions apply to companies substantially focused on fossil energy, energy-intensive or high-emission activities, non-zero-emission vehicles, waste collection and treatment, or nuclear-fuel processing and nuclear energy. A restricted activity can be a core part of the business by revenue, profit or customer base; it must never exceed 50% of gross revenue. The emissions-benchmark rule also applies to activities covered by the EU emissions trading system in this company-investment branch: projected emissions must be below the relevant benchmarks, with reasons given if they are not significantly below. The terms retain specified gas or temporary fossil-fuel transition exceptions, conditional upgrades in waste plants without capacity or life extension, and an exception for listed fossil-energy or energy-intensive transactions that COFIDES confirms meet the EU taxonomy’s sustainable-investment criteria. The loan option to publish a vehicle transition plan does not extend to this company-investment branch.

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Submit an expression of interest through COFIDES’s dedicated FIS direct-investment form. State your organization, the project and its Spanish location, the financing requested and whether you seek debt or company investment. Attach a short project presentation and the latest available annual accounts. If you have a theory of change, attach it: this explains how your planned activities lead to results and the intended longer-term impact.

The direct terms also ask for documentation at fis@cofides.es, with the project or promoter’s name and financing type in the subject. COFIDES reviews economic, social, environmental, governance and impact information before selected proposals move to a fuller assessment. Receiving your expression of interest does not establish that funds are available: assessment and approval require new resources first.